Friday, November 18, 2011

NIFTY SPOT

4900 levels has been touched as i told before . and now onwards i think we should stay in buy position instead of making short with sl 4720 . After completed 5 wave downside pattern in indicated in black number which indicates for ABC wave in upside . so we have completed A and B waves pattern and C wave should be near 5400 or 6000 levels or depending  due to positive divergence in MACD, RSI .

USDINR is trading at 51.40 levels which is above my expectation  but indicators like MACD, RSI all are giving negative divergence so most probably we may see some kind of sell off pattern and also in US Dollar

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